4.—(1) The application fee payable to the Authority under section 4(1) of the Act in respect of an application for a trust business licence shall be $1,000.
(2) The licence fee for a period of one year or part thereof payable to the Authority under section 6 of the Act by a licensed trust company shall be $4,000.
(3) The Authority may, as it thinks fit, waive the whole or any part of the licence fee payable by the licensed trust company.
(4) Where the licensed trust company fails to pay the licence fee by the day on which the fee is due as determined in accordance with guidelines issued by the Authority, the Authority may impose a late payment fee not exceeding $100 for every day or part thereof that the payment is late, subject to a maximum of $3,000.
(5) Payment of fees may be made through such electronic funds transfer system as the Authority may designate from time to time, whereby payment may be effected by directing the transfer of funds electronically from the bank account of the payer to a bank account designated by the Authority.